LETTER FROM THE CEO Liberty was transformed last year. We closed our acquisition of Schlumberger’s OneStim® frac, wireline and sand mining businesses simultaneous with ringing in 2021. This all-stock transaction more than doubled Liberty’s assets and added over 1,500 new team members. We issued 66,326,134 shares of LBRT stock to Schlumberger, representing a 37% ownership in Liberty at the time of closing. Folding Schlumberger’s frac and wireline business into Liberty brought very significant scale—we are now the second largest frac company in the world—along with a sizable and synergistic technology portfolio. Our next-generation electric frac fleet, digiFrac™, will now come to market faster, as we acquired already-deployed electric technology and equipment for the low-pressure side of a frac fleet to complement the high-pressure digiFrac pumps that we have been developing in-house. This acquisition also brings technologies for frac fleet automation and control systems, both hardware and software. Liberty’s vaunted fracture design optimization capabilities are also bolstered by additional technologies, some of which are covered later in this report. In 2021, Liberty set many operational records, despite being faced with a pandemic-related decline in demand for oil and gas and the resulting slump in demand for frac services. This year we delivered record frac service volume, record company revenues, and our safest year of operational performance ever. Amid the pandemic and a large acquisition integration, we successfully kept our eye on the most important ball: the health and safety of our family members. Our full-year revenue was $2.5 billion, net loss was $187 million and our adjusted EBITDA was $121 million. Overall, it’s been a challenging year financially, but we made major strides in enhancing our company and competitive position. Today we see a strong upcycle emerging in oil and gas markets and feel poised to continue our company-long record of generating returns on capital invested well above the S&P 500 average. Liberty always makes investment decisions based on generating strong returns on capital and building our competitive advantage over the long term. The OneStim acquisition made Liberty one of the largest frac service providers in the Haynesville Shale, a massive shale gas resource located near the expanding Gulf Coast Liquefied Natural Gas (LNG) export facilities. New and expanded facilities have vaulted the U. S. to the top spot of LNG exporters and the second largest overall natural gas exporter after Russia. OneStim also established Liberty in the Canadian market of Alberta and Northeastern British Columbia, home to the world-class Montney Shale play and many leading oil and gas producers. We are thrilled to be in Canada! We have also established a wireline presence in the Northeast, home of the Marcellus Shale, the world’s largest natural gas shale play. Fast, efficient, and safe operations require a designed “dance” on location between wireline and frac services. The OneStim transaction brings a sizable, high-performing wireline business into the Liberty family, allowing 4